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bernanke and interest rates and what's going on in washington beyond the fiscal cliff. he's got lots of views. >> does he pull punches about bernanke? >> there's a couple comments i think we'll run in the 7:00 or 8:00 hour, he's diplomatic about it, but if you listen very carefully, i think you know where he stands on a lot of the stuff. he talks about the punch bowl and having to take around the punch bowl before -- >> the lead story in the journal -- >> the fed stimulus. we're back again. >> operation twist is supposed to be up january 1st. >> he's also got interesting theories on the volcker rule and banks still. so we'll be running some of that throughout the broadcast. >>> in corporate news, rio tinto plans to cut cost and sell more assets. and two audit firms are now being sued regarding the acquisition of hp. shareholder law side has named deloitte and kpm claiming they missed numerous red flags. board of directors also named. >> a magnetic lawsuit. you see the press release go out and someone has to boiler plate to say, okay, we're the accountants, we're the bankers, here we
? >> let's get back to the topic dominating the conversation from wall street to washington right now. of course it is the looming fiscal cliff. we have made it a bit of a drinking game for those playing at home. i sat down with one of the democratic congressman barney frank and we talked about it. >> sequestration is a terrible idea and that can be very disruptive and if we go into sequestration, yeah, i think that's awful. if the taxes went up on everybody for a month or two, it would be a temporary bump, it would mean slowing down expansion which i think is coming, but you could undo it. >> so the most interesting thing barney frank said yesterday was he believes that it is a bungee cord, if you will, meaning he expects and almost is pushing for everybody to go over the cliff at least for a couple weeks and believes that the 39.6 number is still on the table and that the can democrats and the obama administration still have the mandate. >> you're talking higher marginal rate ps p. >> yes. he doesn't believe there are not enough deductions. so many of the ceos that came out of that
7% for the last month. largely because concerns about the standoff in washington over how to deal with the fiscal cliff. well talk about all of these issues at play with two special guest hosts. wharton professor of finance jeremy siegel and trusted american businessman steve forbes. both onset and ready to start this discussion at 6:00. first, though, andrew has a few of the top business headlines. >>> let's talk about some of the headlines this morning. cisco systems buying cloud network start up meraki for $1.2 billion in cash. it was founded in 2006 by members of m.i.t.'s laboratory for computer science. joe, i don't know if you take credit for any of that. bp plans to spend up to $5.9 billion buying back stock. last week the oil giant agreed to pay record criminal penalties over the deepwater horizon disaster. and americans are carrying more credit card debt and being less diligent about making on time payments. trans union now reporting that average credit card debt for borrowers grew 4.9% in the third quarter and meantime the rate of credit card payments at least 93 days ov
to employees, encouraged them to make calls and letters to washington demanding a balanced compromise on the fiscal cliff. today's politico's morning money reports the bank's employees have sent more than 15,000 letters to congress in the past into days. all 100 senators received letters from morgan employees and 398 of 436 house members received letters. >> andrew is not out because of rutgers. >> i think he's at home crying for me. no. he's on vacation. >> the latest fund flow data shows investors did in fact pour money into stock etfs amid the optimism that we had for a while about the fiscal cliff. stock etfs raked in about 7.7 billion in new investor cash in the weeks that ended wednesday. that's the most money since the week that the fed announced it's extended stimulus plan. meantime bond mutual funds and etfs combined attracted 1.8 billion in cash and that's the most in three weeks and more than double the previous week's in-flows. two economic reports of note today at 8:30 eastern, personal income and spending polled economists are looking for income to rise by 0.2%. while sp
's about it. today a drier day. chilly out there still. up to 41. 49 here in washington, d.c. pittsburgh up to about 40. and boston staying in the 30s. tonight, of course, big event in rockefeller center. temperatures will be in the 30s. breezy but clear skies. nearly a full moon outside as well. the big storm we're watching is in the west. three storms, you can see them pin wheeling here out to the pacific. the rain is now approaching into san francisco. northern california and oregon are all going to see very, very heavy rainfall, not just today but all the way through the weekend. flood watches are out. sacramento, stockton up toward reading and stretching all the way up into oregon. we could see up to 20 inches of rainfall here, a big broad area of at least a half a foot. back to you. >> that is a waste. that should be over colorado and it should be -- >> exactly. >> so we had snow yesterday. last year we had snow early, it was like halloween and then we never got anymore. did the snow we had yesterday seem more typical? any idea about whether that portends that we have some snow this y
, at cnbc 2012 is the handle. mr. kernen. >> let's get the conversation started. chief washington correspondent john harwood joins us from new york this morning. it just occurred to me, john, 5-5 in dixville notch, 16-5 last time. did 11 obama supporters just not show up and is that a metaphor for what we're really watching today, how many of the real zealous obama supporters from last time come out? i don't know. what do you think? we probably shouldn't call -- you have not called the election yet on dixville moch? >> i'm not calling it based on dixville notch, but what could be more appropriate in an a 5-5 showing. we have a deadlock national race. all the polls show very close. although yesterday we had an abc "washington post" poll showed obama ticking up to plus three. our poll didn't show over the weekend, obama did not show any particular movement one direction or the other. but we've got to wait and see. and you pouyou pointed to the t question. that's really what it's about. what is the turnout of white voters as compared to african-americans and hispanics. romney dominat
or the notion that maybe we'll make progress in washington with the fiscal cliff? what do you think? oh, two kevins. ferry will talk about like chip spreads or something. their effect on the serbian dollar. i don't know. >> market was fairly well oversold. as we look out into 2013, we certainly have the fiscal cliff that's there, but beyond that, we have a barometer that we track for fundamental conditions and that's improved for a couple months now. so that's a hopeful sign. and the market has come in pretty sharply from where we were a month or so ago. so i think we have decent valuations. >> what do you think politically finally happens? your opinion doesn't matter to anyone else obviously, we all have our opinions, but does it end up with a simpson-bowles type agreement sn. >> first you have to get us away from the crisis of january. $700 billion hits to the economy, which is the sum total. ultimately the bigger question is what do we do with debt and deficits. the cbo has us with massive increases in taxes, very small increases in spending. and as a result, they keep the debt looking re
imagination does such a response exist. foos what he thinks should be done in washington, he says he supports president obama's proposal to eliminate the bush tax cuts for high income taxpayers. however, he says he prefers a cut off points somewhere above $250,000, maybe 500 thud or so. additionally, he says we need congress right new to enact a minimum tax on high incomes. buffett is suggests 20% between $1 million and $10 million and 30% on amounts above that and that's something he had laid out before. the real definition of the buffett rule. >> i always thought he was uncomfortable about the way the buffett rule was constructed and felt uncomfortable about saying something about it. because remember, he never really spoke openly about it, he would intimate that 250 might not be his number. >> the buffett rule is 30%. >> but then he's also talking about the 500. >> but that's not the buffett rule. but if you're doing tax reform, then you're not going up anyway. >> i think the main point he's saying is forget about the larger reforms p. maybe we'll get withere, maybe won't, but put that in
expect some backups. new york and washington, minor delays. they may stack up a bit into the afternoon, so be patient out there. and then boston, seattle, mostly minor. los angeles, no issues to speak of. a little marine layer, but you should be just fine. let's pitch it back to you you. >> did you actually just run out to the set? did we catch you? >> a little bit kind of sort of, but not really. i was really intrigued by last block. we heard a little bit of corduroy the bear and the societal collapse. >> sorry. >> are you kidding me? i was terrified last block the stuff we were hearing. >> zombies. >> search government preparation for zombie attack. where are you based, are you -- you're not in georgia, are you you? >> we're in atlanta. >> oh, good. that's where the walking dead takes place. >> you're exactly right. so we have got zombie patrol out right now and still looking for one of the zombies as the corduroy bear. love it. >> reynolds, go for the brain. p through the eyes. >> will do it. >> i like it, he plays with us. in sports news, monday night football, steelers winning the
to washington about what's at stake. >> if we get over on the cliff, we don't have a deal, and the market doesn't anticipate that we're actually going to be so stupid as to go over the cliff, then i think you'll see the market really crash and i think you'll see the rating agencies downgrade our credit again, you'll see fitch and moody's join s&p. i think you'll see corporations lose confidence. you'll see them slow down hiring, stop capital xebd churs, capital will go on on strike, it will be a hell of a mess. >> leaders of both parties think it would be to their advantage to go off the fiscal cliff. what a 12 straight that is, that we could win more as democrats if we let it go or we can win more as republicans. this whole game isn't about america, it's about you who do we make the demss lose and how do we make the republicans lose. people are sick of that and ashamed of it. >> we'll try to rise above all of this today. our guest hosts will be doing the same. but before we get to all of that, andrew has shall other top headlines. >>> we have some very important news and serious news. fighting
men who understand washington, wall street and corporate america very well. we have the chairman of president george w. bush's council of economic adviser, ed lazear, roger altman, and real estate tycoon don peebles. but let's cover this morning's top headlines. >>> we do have a lot in the corporate headlines this morning including equity residential and avalon bay communities agreeing to buy archstone from lehman brothers holdings. the price tag, about $6.5 billion in cash and stock. the deal gives lehman cash to help pay its creditors as it liquidates. but it paid $22 billion for this company originally. so $6.5 billion versus $22 billion, and you can see how lehman got into some of the problems it did. also this morning, europe set to delay the introduction of stricter rules on bank capital. the eu reportedly prepare to go follow the united states while it lobbies for a reconsideration of the u.s. stance. the delay could push back the start of basel iii by about six months. the law was mepts ant to be pha in by the start of 2013. >> archstone was not part of the zell asset, wa
. now take a look uptown, i want to show you a video of the approach to the george washington bridge, for those of you not from here, that's the major route into manhattan from the west. there are vehicle restrictions, three people or more to a vehicle, no less than three people. you can't get into manhattan, and there are also apparently some confusion about where those restrictions take place and whether they apply to people coming in from the george washington bridge. nonetheless all of the other approaches into manhattan that are open, there are checkpoints and you can see that those checkpoints are causing traffic jams in themselves so we are looking at now epic commutes. that idea of the so-called hov restrictions, that was supposed to reduce the gridlock in the city, and downtown indeed there's no traffic at all, but part of the problem is that people can't get here. so this is an issue that we're dealing with as this day progresses, and i can tell you that still downtown here, they're pumping water out of buildings. i am a good almost half a mile from the east river. the wate
slice over here. and so when washington only talks about currency, they're getting all with all the complicated stuff. and if you look at the currency, it's gone up about 20% in the last few years. so it's really not such a big issue anymore. >> is it piracy? >> intellectual property,vil industrial policies that are aimed at the big multinationals' knowledge, making them partner with chinese state owned enterprise. and they are supposed to be a sosh a absorb and master that technology and compete overseas. >> do you think the obama administration will be emboldened to actually do something on the trade front only because they haven't -- during the election, that was not part of their argument, whereas becky was saying, romney was pushing the china issue on other things, as well. >> romney had harder rhetoric, but obama shifted in the middle of his term. he started out very soft on china, trying to be friendly, and china gave him nothing. so about halfway through his term, they started doing a lot stronger trade actions, filing some wto cases. and i think you'll see more and more
hanging over the markets. but what will the status quo in washington mean for stocks, bonds, currencies, and commod y commodities, and qe-3. but there's still the issues of that fiscal cliff. this morning, we're calling on leaders to solve this, to rise above partisan politics and come together to find a solution and save the u.s. economy from going down a dangerous road. it is wednesday, november 7th, the day after and a special early presentation of "squawk box" follows the late presentation that we had yesterday. but it starts right now. >>> good morning, everyone. welcome to "squawk box" here on cnbc. and yes, we know it's only 5:00 a.m. on the east coast, but you don't have to double check your clocks. on the morning after election day, we couldn't wait until 6:00 a.m. to get back on the air. the american public handing president obama four more years in the white house. meantime, the balance of power stays the same in the senate. this morning, we have two main items on the squawk agenda. after months of handicapping the race, we'll find out how the global markets react to the dec
. that's not my forecast. i think what will be very critical is the extent to which washington can 3450u6 bamove ba center. and that will take sacrifice on both sides. however the democrats in particular are going to read 50% of the national vote on one side, we know how bill clinton reacted to 49% in 1996. he moved to the center. how the democrats view 50%, that's all they got on the national vote, yet some people would say we belt our lead in the senate and house so we do have a mandate. i think what's been lacking, we need compromise and if we can get it that and understanding on both sides that our taxes will have to go up, there's no question taxes will have to go up. the question is what sort of taxes. i don't think we should be tinkering with top marginal rates. it's beyond just what the stock market is telling you. tinkering with top marginal rates tinkers with the fundamental incentive system in the economy. there are other ways to create revenues. on the other side, there's no question that we have to attack the spending side and the entitlements. so it's going to come down to w
have been short -- autonomy european fund in 2010 and 2011 and washington horror was taken out a big premium by hewlett-packard. it was one of our absolute favorite shorts at the time. >> do you buy that there is fraud here? hp has not used that phrase specifically, but the s.e.c. and others are looking into this and that's the clear implication. or is this just sort of a convenient way to say boy, did we make a huge mistake and try to blame it on others. >> well, you know, i teach a course on fraud, as you know, and fraud is a bright line. was there intent to deceive on the autonomy folks' part, or was there an intent to deceive by hewlett-packard, or their advisers? time will tell. it was pretty cloear if you loo at autonomy's books over time that it was a very, very aggressive roll-up. it was buying other companies. it was writing them down before it bought them and putting all kinds of good will on its books, which for most accounting mavens, and it appears to us that's what autonomy was doing. >> do we just say to ourselves as spectators here or even investors in hp, this was hp
in washington. >> i think consumer sentiment can be fragile. it's curious that it hasn't sunk in more now and maybe that's because it has not been a national story as we've covered it here. but if we do get to a situation where we're close to going off the fiscal cliff, people have to start thinking maybe we'll have a recession next year, i think there's still a chance for the politicians to resolve this issue before it becomes a huge -- we do know that it's effecting spending. it's something that's been weaker on the corporate side than the consumer side. that's part of the reason. if it that conversation continues on air but more broadly come christmastime, i have to imagine if you haven't lost your job, you're thinking -- >> and companies like lockheed martin considering something like 10,000 layoffs if we go over the fiscal cliff. 80% of their revenue comes from government spending. >> that would impact sentiment. we didn't need that in christmas season when retailers get a lot of their profits. but if we can see it get balanced, that would be a better sign. >> do you think the heat m
that congress is going to have to figure out pretty quickly along with the rest of washington. >> that it is. there's been a number of interviews this morning that would lead you to the same place. cisco reporting better than expected first quarter earnings in revenues, but the tech giant expects flat earnings and slower revenue growth for the current quarter. john chambers sees europe getting worse before it gets better, but he says there are signs of improvement in the u.s. economy. >> we want to be the one company that both exceeds expectations and doesn't bring down guidance. so kind of a hint on terms of what we see. it really says we're in the right spots for growth. mobility, byod, the internet of everything, video, all growth areas in terms of opportunities going forward. and we think we're positioned pretty well. >> we've also got some facebook news this morning. toyota recalling nearly three million vehicles worldwide, that includes the prius. this is due to problems with the steering system. the announcement comes a month after toyota recalled more than seven million vehicles for
have been falling pretty rapidly as investor anxiety rises about what's going on in washington. joe mentioned the major averages. traditionally that's a sign that more selling could be ahead and sure enough, take a look at the futures this morning. not looking to rebound today. they are below fair value once again. among our newsmakers ready to talk, we have ralph schlosstein and also cloutiee says uncertainty is keeping businesses from asking him for loans. and at #:00, we'll turn to two former governor, judd gregg and ed rendell both understand the dire consequences of doing nothing to overt the fiscal cliff and what would happen if we went over that fiscal cliff. first before we get to all of that, andrew has this morning's top stories. >>> good morning. we have a big day ahead of us. and the fiscal cliff conversation begins today. president obama will be making a statement on the economy. he'll speak from the east room of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today,
the panthers beat the redskins 21-13. there's a correlation between the outcome of the last washington, d.c. redskins football game prior to the presidential election and the drought come outcome of the election. miss torically when the redskins win, the incumbent wins. doesn't mean for sure, andrew. in 18 presidential contests, only once has this rule not held. that was in 2004 when president bush defeated john kerry despite a redskins loss. if history holds true, yesterday's redskins loss mean as victory for mitt romney and i pointed out the labor day indicator, we'll sea what happehappesee what happens with the markets today. joining us from new york is john harwood, who is probably saturday about that washington game for up a kell of reasons. but -- >> only one. >> those are the numbers. what else is -- speaking of football analogies, strained and tortured at this point, where with are we thousand wi are we now with the election? >> still one score, field goal, with about 40 seconds on the clock for mitt romney. we had a spade of polls over the weekend by nbc and the wall street journ
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